Revenue from taxes and social contributions climbs, but spending also accelerates Cyprus recorded a general government budget surplus of €557.6 million (1.6 per cent of GDP) in the period from January to June 2025, according to preliminary figures released by the state statistical service on Monday. This marked a slight increase from the €550.7m (also 1.6 per cent of […]
Local businesses embrace AI but face skills gap challenges Cyprus is steadily emerging as a regional player in digital innovation, technology adoption and artificial intelligence, transforming itself into a competitive hub in the Eastern Mediterranean. At the core of this evolution is a growing recognition among policymakers, business lead ers and technologists that the digital […]
Greece’s four systemic banks have posted strong profitability in the second quarter, with projections indicating that total earnings could reach €4.7 billion by the end of 2025. According to Greek news outlet Newmoney, the robust performance is largely driven by sustained credit activity, with full-year estimates for net credit expansion projected at €13 billion or […]
Cyprus’ real estate market remains resilient and in high demand, with a strong start to 2025 confirming last year’s momentum, according to Cyprus Real Estate Agents Registration Council president Marinos Kyneyirou. In a statement released on Monday, Kineyirou said that demand remains high from both local buyers and foreigners, particularly from third countries such as […]
Household financial assets in Cyprus amounted to €61.9 billion at the end of March 2025, while household debt stood at 58% of Gross Domestic Product (GDP), according to the Central Bank of Cyprus (CBC). The debt of non-financial corporations reached 120% of GDP. The data is included in the CBC’s publication Quarterly Financial Accounts for […]
The Vice-President of the European Investment Bank (EIB), Kyriakos Kakouris, pays an official visit to Cyprus on Thursday, 31 July. According to a press release issued by the Ministry of Finance, the purpose of the visit is to sign the second tranche of a €100 million loan under the €200 million Loan Agreement between the […]
The energy cooperation between Cyprus and Egypt for the development of the “Cronos” natural gas field is moving to the next phase, with the completion of significant technical and commercial agreements expected in the coming weeks. Cypriot Minister of Energy, Commerce and Industry Giorgos Papanastasiou referred to important developments following his meeting with Egypt’s Minister […]
The Ministry of Transport, Communications and Works has launched a tender for the construction and 12-year maintenance of a Special Security Centre at the Vasilikos Energy Centre, with bids due by 31 October 2025. The estimated cost of the project amounts to €2.7 million excluding VAT, funded from national resources. Work is scheduled to begin in February […]
Cyprus’s tourism sector is breaking records, with May revenues showing a sharp increase compared to the same period last year, according to the latest data from the Statistical Service. Based on the results of the Travelers Survey, tourism revenue in May 2025 amounted to €373.3 million ($410.7 million), a 20.2% increase from the €310.5 million […]
Greece, France, Germany, Italy and other Schengen member states are gearing up to activate the European Union’s new Entry/Exit System (EES) from October, a move expected to streamline border checks and bolster security across EU external borders. According to Flight Mode, a new monthly publication by Hermes Airports, the new digital system will automate the […]
Eurobank has reported adjusted net profits of €711 million for the first half of 2025, marking a decline of 2.9 per cent compared to the same period last year. In addition, the bank’s total net profits fell by 4.3 per cent year-on-year to €691m. This figure includes a voluntary exit programme cost of €27m at Hellenic […]
ADNOC Drilling (ADNOCDRILL.AD), a unit of Abu Dhabi’s state oil giant, reported a 19 per cent rise in second-quarter profit this week, supported by strong performance in its oilfield services business and expansion into unconventional drilling. Net profit rose to $351 million in the three months to June 30, up from $295 million a year […]
Here are the top business stories in Cyprus from the week starting July 28: Eurobank has reported adjusted net profits of €711 million for the first half of 2025, marking a decline of 2.9 per cent compared to the same period last year. In addition, the bank’s total net profits fell by 4.3 per cent year-on-year to […]
Our long history of invasions has actually had some positive results On a warm afternoon in Nicosia’s old town, the scent of cinnamon-dusted koupes wafts from a street vendor’s cart while, just a few steps away, a kafenion serves Cypriot coffee in trademark tiny cups. But look closely at the Cypriot table, and you will see layers […]
The European Investment Bank is providing Cyprus with a further 100 million euros in funding for a range of road improvements in the country. The EIB credit will cover 50% of the costs of planned renovations and extensions to make road travel in Cyprus easier and safer. The agreement is part of a €200 million […]
Deputy Tourism Minister Kostas Koumis, recently met separately with the British High Commissioner to Cyprus Michael Tatham, and the French Ambassador to Cyprus Clelia Chevrier Kolacko, to explore ways of enhancing cooperation in tourism and boosting arrivals from both countries. During the meeting with Tatham, Koumis underlined the strategic significance of the UK market, calling […]